EDC PAYS GOVERNMENT Rs. 13.49 CRORES

06 Oct 17

EDC Chairman, Shri Sidharth Kuncalienker and Shri S.V.Vernekar, Managing Director, EDC, handed over cheque amounting to Rs.13.49 crores to Hon'ble Chief Minister, Shri.Manohar Parrikar at his residence at Altinho, Panaji on 5th October,2017. Shri.B.S.Pai Angle, GM, EDC Ltd. was also present. The payment was towards interest on Land Acquisition Deposit parked by the various Government Departments and other agencies with EDC Ltd., for the acquisition of land.

The Corporation had achieved revenue of Rs.102.73 crore for FY 2016-17 and earned a record Profit before tax amounting to Rs.61.26 crore. During FY 2016-17 the Corporation sanctioned Rs.239.92 crore and disbursed Rs.319.88 crore. The recovery during the same period was Rs.200.00 crore and the outstanding loans stood at Rs.841.19 crore. The Corporation has drastically reduced the Gross NPA to 2.93% and the Net NPA to 1.28% and its Net worth now stands at Rs.448.91 crore.

The Corporation operates the Modified Interest Rebate Scheme of the Government, wherein Interest Rebate up to 9% is extended on loans availed by the entrepreneurs setting up units in the backward talukas of Goa and/or women entrepreneurs and/or resident as well as non-resident Goan entrepreneurs subject to loan account being regular.

The CMRY Scheme of Goa Government which is managed by EDC has been modified by enhancing the qualifying criteria of the applicant i.e., increasing the age limit to 45 years and income limit to Rs.10.00 lakh p.a. The sanctioning process is also expected to be faster in view of delegation of sanctioning powers by the Board.